Thursday, 21 October 2021 09:31 GMT

Stocks Soar to One-Month Highs


(MENAFN- Baystreet.ca) Stocks Soar to One-Month Highs
Canopy, Barrick Supply Muscle








Markets in Toronto resumed their roar to one-month high Thursday, as Canopy Growth Corp led gains in health-care stocks and stronger commodities lifted energy and mining shares.
The TSX Composite powered away from Wednesday's close, jumping 203.67 points, or 1%, to stop for lunch Thursday at 20,822.14
The Canadian dollar climbed 0.48 cents to 80.87 cents U.S.
Canopy Growth, for its part, rose $1.11, or 6.7%, to $17.66, after saying it would buy weed gummies maker Wana Brands for $297.5 million, as the world's biggest pot producer looks to expand in the U.S. cannabis market.
Barrick Gold gained 37 cents, or 1.6%, to $24.30 after the miner reported a nearly 5% rise in third-quarter gold production from the previous three months, as output jumped at its Veladero mine in Argentina.
Aritzia jumped $6.44, or 15.9%, to $46.98, and First Quantum Minerals hiked $1.66, or 6.1%, to $28.71, the largest percentage gainers on the TSX.
On the economic schedule, Statistics Canada reported manufacturing sales rose 0.5% to $60.3 billion in August on higher sales of petroleum and coal, chemicals and primary metals.
ON BAYSTREET
The TSX Venture Exchange gained 6.16 points to 924.75.
All 12 TSX subgroups gained ground, most notably, health-care, pumping higher 3%, energy, gushing 1.7%, and information technology, better by 1.6%.
ON WALLSTREET
U.S. stocks rose Thursday after better-than-expected earnings reports from Bank of America and other major companies.
The Dow Jones Industrials flew 508.72 points, or 1.5%, to 34,886.53.
The S&P 500 jumped 69.74 points, or 1.6%, to 4,433.54.
The NASDAQ Composite rumbled 246.16 points, or 1.7%, to 14,817.80.
Third-quarter earnings season continued Thursday with several big banks and Dow members reporting financial results before the bell.
Bank of America, Morgan Stanley saw their shares rise after beating earnings expectations. Wells Fargo shares declined and Citigroup traded near the flatline despite earnings beats.
Walgreens Boots Alliance shares gained after the drugstore chain beat earnings expectations and the stock was the top performer in the Dow.
The company announced it would become majority owner of VillageMD with a $5.2-billion investment.
Dow constituent UnitedHealth also gained after the companies' quarterly results topped estimates.
Meanwhile, falling rates boosted technology stocks. The benchmark U.S. 10-year Treasury yield dipped, typically benefiting high-growth names as lower rates lift the value of companies' future earnings.
Big Tech stocks Microsoft, Apple and Facebook each rose at least 1%, while and Google-parent Alphabet gained more than 2%, providing the market with support.
Caterpillar was among the Dow's biggest gainers after Cowen initiated coverage of the equipment maker with an outperform rating. UPS rose as one of the S&P 500's top performers after an upgrade from Stifel, which cited upcoming holiday demand.
A lower-than-anticipated number of weekly jobless claims added to the positive market sentiment. Initial unemployment insurance claims last week totaled 293,000 – the first time the tally fell below the 300,000 level during the pandemic-era.
September's producer price index was lighter than expected, also helping sentiment. Wholesale prices rose 0.5% from the month prior versus the 0.6% Dow Jones estimate.
Prices for 10-year Treasurys gained, lowering yields to 1.51% from Wednesday's 1.54%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 54 cents to $80.98 U.S. a barrel.
Gold prices added $4.50 to $1,799.20 U.S. an ounce.










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